Within the first GST Council assembly after the 2024 Lok Sabha elections and the formation of the brand new authorities, a number of vital choices had been introduced on Saturday (June 22, 2024). Union Finance Minister Nirmala Sitharaman revealed key outcomes, together with an extension of the GSTR 4 submitting deadline and changes in GST charges on varied objects.
GSTR 4 Submitting Deadline Prolonged
The GST Council has prolonged the deadline for submitting GSTR 4 to June 30. This extension goals to profit small taxpayers. Moreover, a waiver of curiosity and penalty on demand notices issued below Part 73 of the GST Act for the monetary years 2017-18, 2018-19, and 2019-20 was really helpful, offered these notices should not associated to fraud, suppression, or misrepresentation. A brand new kind, GSTR 1 A, may even be launched to facilitate adjustments in GSTR 1.
New GST Charges on Milk Cans, Sprinklers, and Cartons
The Council has really helpful a uniform GST charge of 12 per cent on milk cartons and an analogous charge on sprinklers and photo voltaic cookers. This resolution is predicted to profit apple producers in Himachal Pradesh and Jammu and Kashmir. The implementation of biometric Aadhaar-based registration throughout the nation will comply with a phased strategy after the success of a pilot mission.
